• Evernorth announced a $1 billion transaction to advance institutional adoption of XRP.
• The firm aims to create the world’s largest institutional XRP treasury through active participation in DeFi and liquidity markets.
• Ripple and major investors like SBI Holdings, Kraken, and Pantera Capital back the initiative.

Evernorth, a newly formed Nevada-based company, recently revealed to be finally launching its operations and merging with Armada Acquisition Corp II on Nasdaq-listed publicly traded SPAC.

The merged company will be known as Evernorth and be listed under the ticker sign “XRPN.” The deal is worth more than $1 billion as it is one of the largest events to occur in the institutional digital asset marketplace.

The round includes $200 million from SBI Holdings and participation from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR. Additional funding is provided by Ripple’s co-founder Chris Larsen and other digital asset investors.

Most of the funds raised will go toward purchasing XRP in the open market to establish one of the largest institutional treasuries in the world. Some of the capital will finance corporate operations and transaction-related costs.

Ripple CEO Brad Garlinghouse said that Evernorth’s mission aligns with Ripple’s long-standing goal of enabling XRP’s utility in global financial networks. His statement came after Ripple confirmed its role as investor and strategic advisor in the venture.

Also Read: Ripple Unveils 5 Global Priorities to Make Stablecoins Truly Borderless

XRP Treasury Model Targets Institutional Growth

Evernorth offers a distinct strategy compared to legacy exchange-traded funds. Instead of simply tracking XRP price passively, it actively manages its holdings through lending, liquidity provision, and through decentralized finance methods to garner returns.

Evernorth will generate value by placing XRP in earning-generating activities while enabling the asset to be used more widely in financial markets.

Evernorth CEO and former Ripple executive Asheesh Birla said the firm aims to offer transparent, liquid XRP access while strengthening the ecosystem.

With its decade-long uptime and U.S. regulatory presence, XRP remains one of the few assets with strong tech and institutional appeal. Evernorth blends traditional finance yields with DeFi to build a sustainable, scalable investment model.

Leadership and Strategic Vision for XRP Expansion

Evernorth’s leadership team includes finance and blockchain veteran names such as CFO Matthew Frymier, COO Meg Nakamura, CLO Jessica Jonas, and CBO Sagar Shah.

The company is self-governed while still holding strategic partnerships with Ripple. Garlinghouse, Stuart Alderoty, and David Schwartz are to act as advisors to conform with XRP ecosystem.

The Armada II merger, which was approved both times, is due to be completed within the first quarter of 2026. Once completed, Evernorth would commence operations entailing validator participation, network security, as well as DeFi onboarding through Ripple’s RLUSD stablecoin.

The program is XRP’s institutional journey to its next level, creating Evernorth as a treasury as well as an adoption engine across the entire globe’s finance landscape.

Also Read: XRP Eyes Bullish Breakout Toward $5 After Ripple SWIFT Integration